| Fri 21 May 2010, 16:38 | | EXT - Extract Resources Limited - Rossing South: Mineralisation on western limb |
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EXT - Extract Resources Limited - Rossing South: Mineralisation on western limb
confirmed with further strong results from Zone 1 and 2
Extract Resources Limited
Registration No. ABN 61 057 337 952
Registered as an external company in Namibia
ISIN Code: AU000000EXT7
NSX Share Code: EXT
Rossing South: Mineralisation on western limb confirmed with further strong
results from Zone 1 and 2
Extract Resources Ltd (ASX/TSX/NSX: EXT), a uranium exploration and development
company with projects in Namibia, today announced the latest round of
exceptional chemical assay results from the Rossing South mineralized system,
part of Extract`s world-class Husab Uranium Project.
Aggressive drilling rates continue to underpin the Company`s commitment to
completing the Rossing South Definitive Feasibility Study and the development of
a mine at this globally significant project.
Highlights:
- 19 drill rigs now operating at Rossing South, with the key focus on
resource definition.
- Stand out intercept of 73 metres grading 2243ppm U3O8 with mineralisation
still open down dip and along strike.
- Chemical assay results from multiple drill holes confirm high grade
mineralisation on the western limb of the Rossing South antiform.
Resource Definition Update - Zone 1 & Zone 2
Significant drilling rates continue at Rossing South where approximately 1300
drill holes have been completed for 330000 metres of drilling. There are
currently 19 drill rigs operating at Rossing South: nine RC rigs; and ten
diamond core rigs. The main focus of drilling has been infill resource
definition work aimed at converting the Inferred Resource to Indicated. Some
extensional, sterilization and exploration drilling is also being completed.
The latest round of chemical assay results have been received from 89 drill
holes located throughout Rossing South. Multiple intercepts of high grade
mineralization were reported further establishing the continuity of the high-
grade, granite-hosted uranium mineralization. Please see
www.extractresources.com.au for more information.
Mineralization in Zone 1 remains open down-dip to the east with the high grade
results received in this area (e.g. RDD145, 73m @ 2243ppm U3O8) highlighting the
significant potential for additional drilling to further increase the size of
the current resource.
Exploration Update - Western Limb drilling results
Chemical assay results received for drill holes on the western limb of the
Rossing South antiform confirm the presence of high grade uranium
mineralization. Figure 1 shows multiple drill holes in this area west of Zone
1, Zone 2 and south of Zone 2 with significant uranium mineralization,
including:
* RRC750, 37m @ 2001ppm U3O8;
* RRC717, 10m @ 1015ppm U3O8;
* RRC718, 30m @ 1032ppm U3O8; and
* RRC771, 10m @ 1665ppm U3O8.
The Company is currently drilling out this area for inclusion in the next
resource upgrade. Drill holes continue to intersect potentially high grade
uranium mineralization, as identified by hand held spectrometer results.
Chemical assay results will be reported when available.
Rossing South Feasibility Study Update
Resource Update
Aggressive drilling rates continue to define an updated resource estimate for
Rossing South within the third quarter of calendar 2010. The main aim is to
upgrade the current Zone 1 and Zone 2 Inferred Resource to Indicated status. The
Indicated Resource is expected to form the basis of the DFS mining inventory so
that reserves can be defined.
Pilot Plant Testwork
`Proof of design` testwork commenced in the Company`s pilot plant in Perth on 22
March 2010. The objectives of this work includes finalising the base case flow
sheet, to quantify comminution, leaching, filtration, ion exchange, solvent
extraction parameters and to characterize uranium product for marketing
purposes. Results have been encouraging and the Company remains confident that
the testwork objectives will be met and completed by the end of June 2010.
The Definitive Feasibility Study (DFS) remains on track for completion in the
fourth quarter of the 2010 calendar year.
About Extract Resources
Extract Resources Ltd is an Australian-based uranium exploration and development
company whose primary focus is in Namibia. The company`s principal asset is its
100%-owned Husab Uranium Project which contains two known uranium deposit areas,
Rossing South and Ida Dome. Extensive exploration potential also exists for new
uranium discoveries in the region.
On behalf of the Board of Directors,
Jonathan Leslie
Managing Director
Windhoek, 21 May 2010
Registered Office
Swakop Uranium (Pty) Ltd
3 Schutzen Street
Windhoek
Namibia
Sponsor
IJG Securities (Pty) Ltd
Member of the NSX
100 Robert Mugabe Avenue
P O Box 186, Windhoek, Namibia
Registration No. 95/505
Date: 21/05/2010 16:38:01 Produced by the JSE SENS Department.
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